Visionstate Announces Increase to Private Placement
EDMONTON, ALBERTA January 19, 2018 -- Visionstate Corp. (TSX VENTURE: VIS) ("Visionstate" or the "Company") announces that the private placement (“Private Placement”) financing announced on January 16, 2018 has received substantial demand and as a result has been enlarged to up to $1,000,000 in order to accept additional valid subscribers. The Private Placement will now consist of up to 20,000,000 units (“Units”) at a price of $0.05 per Unit. Each Unit is comprised of one (1) common share of Visionstate (“Common Share”) and one (1) Common Share purchase warrant, which warrant is exercisable into one (1) Common Share by the payment of $0.075 per warrant for a period of two years following the date of closing (the “Term”). In the event the Common Shares of Visionstate close at a price of greater than $0.15 per Common Share for a period of greater than twenty (20) consecutive trading days, then the Term of the warrant shall be accelerated and shortened from two (2) years to thirty (30) calendar days, and a press release stating this fact shall be deemed to be sufficient notice to all warrant holders of the shortened Term as a result of the acceleration. In all other respects, the terms of the Private Placement will remain the same.
Visionstate intends to use the proceeds from the Private Placement for use in operations, acquisition expenses and general working capital.